The Daily Vroom

Good Morning Vroomers,

DuPont Registry Live has quickly become one of the more interesting new entrants in the auction space.

The model is different, very different - 100% sell-through, 14-day return policy, and a level of underwriting we haven’t really seen before.

So instead of guessing how it works, I went straight to the source, Chad Cunningham, CEO of duPont Registry Exchange, to understand what’s actually happening behind the scenes, what’s changed since launch, and where this is going.

Interview With Chad Cunningham

TDV: Chad, thanks for taking the time. Let’s start with you. How did you get into the car business, how did that journey lead you here, and how did the DuPont conversation come about? Was it something you went looking for or did it find you?

Chad: I grew up in the car business. My dad had a smaller BHPH lot that became a cash lot, mostly $10,000-and-under cars, and I worked there from a young age.

That’s really where my love of cars was born.

duPont actually found me, which made the opportunity even more exciting because I grew up with duPont REGISTRY magazines and posters. For a lot of people who love exotics, that brand was part of the dream early on.

The exciting part now is getting to help evolve that legacy into a modern transaction platform inside the broader duPont REGISTRY Group.

TDV: You’ve built a serious reputation in this space, and you still run a lane at Manheim alongside everything you’re doing at DuPont Registry Live. How do those two worlds fit together, and what does the Manheim side teach you that a pure auction platform never could?

Chad: I think there will always be room for both. We will always buy a wide range of inventory, and some cars will work better at Manheim or LIVE or vice versa.

Manheim has taught me a lot about buying and selling philosophy and return policies etc that have helped, I think. It’s a lot of reps I’ve sold several hundred thousand cars at Manheim now.

We value our dealer relationships, and it seems the platforms appeal to a broader dealer audience. For clients their purchase options now are more omnichannel, so they seem to like having the auction options alongside standard duPont REGISTRY listings.

TDV: The headline proposition is bold. 100% sell-through and a 14-day return policy. No one else in this space offers both. Where did that idea come from, and what made you confident enough to underwrite it?

Chad: I knew we were starting behind some very big and very good online auctions already in place, so simply doing a smaller version of what already exists didn’t make sense.

If we were going to do it, it had to feel meaningfully better for both collectors and sellers.

A big part of the broader duPont REGISTRY Group strategy is removing friction from every step of the ownership journey, and the 100% sell-through model is one way we’re doing that at the transaction level.

The next step is making that process even smoother by prequalifying buyers as they enter the platform, which becomes even more powerful with duPont REGISTRY Group’s recent acquisition of LLP Exotic Auto Finance.

That gives us the ability to reduce financing friction, create more confidence upfront, and help serious buyers move faster when the right car appears. He welcome all trades, help with transport etc, we try and make it easy for seller and buyer.

TDV: Your FAQ mentions an Irrevocable Bid mechanism that guarantees a car sells even if bidding falls short. But every auction on the platform appears to show No Reserve. How does that work in practice? Is the Irrevocable Bid still part of how you underwrite the 100% sell-through guarantee, or has the model evolved since that FAQ was written?

Chad: It's evolved and we need to remove that part of the FAQ. This is a good reminder to do that, thanks!

Originally there was discussion that duPont REGISTRY could also bid on these cars. I decided that wouldn’t work so we never put it in place.

We just run them 100% No Reserve and that hammer falls where bidding stops.

TDV: Right now the inventory is heavily weighted towards cars you own or have acquired. What does the path to a true open marketplace look like, where a private seller can list their car alongside yours?

Chad: Early on, we knew we would need to run a significant amount of our own inventory as proof of concept and to demonstrate how the platform performs for both buyers and sellers.

That foundation has been important in building trust and showing consignors exactly how the model works.

We’re now seeing more third-party consignments come in every week, and over the last couple of weeks that mix has moved to around 40%, with a clear path to crossing 50% soon.

To me, that’s the real evolution toward a true open marketplace.

TDV: You mentioned the seller gets paid the moment the auction closes and duPont buys back the car if a return happens, not the seller. That’s a genuinely unusual structure. How do you explain that to a private seller who is used to the traditional auction model?

Chad: For the seller, it’s a real advantage because it removes one of the biggest friction points in the traditional auction model, uncertainty around getting paid.

With our structure, once the auction closes they know they’re getting paid 100%, and that creates immediate confidence in the process.

Even if the buyer ultimately returns the car within the window, that responsibility sits with us, not the seller. Sellers really respond to that because it gives them certainty, speed, and trust in the transaction.

TDV: The duPont REGISTRY name carries 40 years of credibility with serious collectors. Launching a brand-new auction platform under that name is a high bar. How do you think about protecting that trust as the platform finds its feet, and what have been the early lessons?

Chad: I take it very seriously because I genuinely love the brand. I grew up with duPont REGISTRY magazines and posters, so I understand what that name means to collectors and enthusiasts.

A big part of protecting that trust is backing every car with the 100% sell commitment and the buyer guarantee.

LIVE sits inside the broader duPont REGISTRY ecosystem, collector trust, marketplace authority, editorial credibility, and an enthusiast audience that’s been built over four decades.

My job is to make sure every transaction lives up to that standard.

TDV: You handle the entire transport and checkout process end to end, white glove, title transfer, everything. That’s a significant operational commitment. How does that work in practice, and is that infrastructure something you’ve built yourself or partnered to deliver?

Chad: We do it all in house. I’ve had a lot of experience managing this side of the business in the past, and it was important to me that we build the experience the right way for both sellers and buyers.

Everything from transport to title transfer and checkout is handled directly by our team here in the Lebanon office, so it stays highly coordinated, personal, and fast.

We’re a tight team, I can see everyone handling it right in front of me, which helps us stay close to every detail and make sure the experience feels truly white glove.

TDV: You did a live event combined with online bidding. How did that work and is the hybrid format something you see as central to what you are building or more of an experiment?

Chad: It started as an experiment, but I want to do more of it. Probably 3–4 a year.

What made it exciting was bringing the enthusiast community together in person while still driving the online auction momentum.

That’s where duPont REGISTRY is uniquely strong. We’re not just listing cars, we’re creating real moments around them that build energy, trust, and ultimately commerce.

The Donuts at duPont event was a great example. People loved seeing the cars, engaging with the brand, and then watching the bidding continue online for the next two weeks.

It makes the site feel alive and gives collectors another way to experience the brand beyond the screen.

TDV: You’ve mentioned 1-day and 3-day auctions as possibilities and even shorter formats. The 7-day format is standard across the industry. What is the thinking behind compressing that and what does it do to the auction dynamic?

Chad: A lot of that thinking comes from wanting to reward the people who are really paying attention to the site.

The shorter formats, especially the weekly duPont DROP auctions, create urgency and excitement for our most engaged collectors and enthusiasts.

Those 2-hour DROPS are a fun way to keep people checking back because there may be a special car or a real opportunity at any time.

It changes the auction dynamic by increasing energy and making the platform feel more active and immediate, versus waiting on the traditional 7-day cycle every time.

TDV: Your sales include a $4M Bugatti and multiple seven-figure Porsches, but established platforms cover everything from entry-level enthusiast cars right up to the rarified stuff. Are you deliberately positioning DuPont Registry Live at the higher end or do you see the range broadening as you grow?

Chad: duPont REGISTRY is always going to be known for exotics, rare cars, and truly special vehicles, and that’s a big part of what gives the platform its authority.

That higher-end positioning will always be core to who we are.

At the same time, I do want to broaden the range over time with great enthusiast cars across more price points so we can bring in a wider collector and enthusiast audience as we grow.

The advantage of building this inside the larger duPont REGISTRY ecosystem is that we already have trusted reach across serious collectors, editorial readers, marketplace shoppers, and car enthusiasts.

TDV: When a car falls short of what you paid for it at auction, do your terms allow you to withdraw it and move it through other channels, or are you genuinely committed to letting the market decide every time?

Chad: The market decides every time.

That commitment is a big part of the trust we’re building on the platform.

Of course, we never want to take a loss, but it’s part of the discipline required to build a credible premium auction experience.

That’s part of why buyers tune in to the platform, they know the car is getting sold, win, lose, or draw.

TDV: Here’s the one that fascinates me. You’re buying cars, listing them with no reserve, and guaranteeing 100% sell-through. There have to be moments where the numbers don’t work. How often does that happen, how painful has it been, and does it keep you up at night?

Chad: It definitely happens, and yeah, it can be stressful, but to me it’s part of building something differentiated.

If we want to grow the platform into what we believe it can become, we have to be willing to take smart risks in service of trust and long-term growth.

There are definitely moments where the numbers can look rough at auction close.

We had one just last week where we were about $150,000 down before late bidding activity came in and helped close the gap. For a minute it looked pretty wild.

But that willingness to stand behind the cars, remove friction for the seller, and let the market decide is a big part of what makes the platform compelling.

TDV: You’ve said you have no interest in selling a car a buyer isn’t happy with. That’s an unusual philosophy in the business of moving high-value inventory. Where does that come from?

Chad: That philosophy really comes from my past experience, and it’s something I’ve always believed in, so bringing it into duPont REGISTRY Live felt very natural.

In the high-value car space, confidence matters just as much as the transaction itself.

I’m sure there will be moments where people take advantage of that philosophy, but if the overall result is that buyers feel more comfortable, trust the platform more, and have a great experience, I’m completely okay with that tradeoff.

That buyer confidence is a big part of the broader duPont REGISTRY strategy of removing friction from the ownership journey and creating long-term loyalty beyond a single sale.

TDV: What does success look like for DuPont Registry Live in 12 months? Is it volume of cars, total value sold, number of third-party sellers, or something else entirely?

Chad: For me it’s not really about chasing volume.

I always tell the team we want the best cars and the best experience first, and then let the volume follow.

Success in 12 months means deeper collector trust, more third-party consignments, stronger repeat buyers, and continuing to prove that duPont REGISTRY Live can be the most trusted premium auction experience in the enthusiast space.

Early returns are good, buyers are happy, sellers are happy, and the site is growing month to month.

Stepping back from the interview and a few things stand out to me.

It’s a brave move to launch with all those promises.

Chad is clearly someone people trust in this space, and that matters when you’re asking the market to buy into something this different.

But this isn’t a tweak on the existing model. It’s a real departure, and that alone deserves attention.

Time will tell how it holds up, but it’s one of the few platforms right now actually trying something new.

What do you think?